Asia Slumps with Japanese Automakers

Declines across Asia-Pacific stocks were seen by Wednesday’s close, with data showing Japan’s exports growth hit an eight-month low. Markets in the U.S., however, were lifted on the back of stronger-than-expected retail sales data.

In Japan, the Nikkei 225 fell 119.79 points, or 0.4%, to 29,688.33.

Exports in Japan rose 9.4% in October, Reuters reported, citing data from the country’s finance ministry. That followed a 13% expansion in the previous month, and was the weakest growth since a drop in February. Auto shipments fell 36.7%.

Shares of Japanese automakers slipped. Nissan was down nearly 2%, Honda dropped 1.6%, and Mitsubishi Motor fell 1.8%.

The Japanese yen traded at 114.92 per U.S. dollar, weakening from previous levels of around 114.1.

In Hong Kong, the Hang Seng gave back 63.7 points, or 0.3%, to 25,650.08.

In Australia, financial stocks were lower, with the Commonwealth Bank of Australia leading losses as its shares plummeted more than 8%.

News in the region may help boost sentiment, after New Zealand’s Prime Minister announced that the country’s largest city Auckland will reopen its domestic borders from Dec. 15 for fully vaccinated people and those with negative COVID test results, according to a Reuters report.

The Australian dollar was at $0.7286, sliding from levels around $0.73 earlier.


In China, the CSI 300 eked higher 2.43 points, or 0.1%, to 4,885.75.

In earnings, Chinese tech giant Baidu is set to announce its third-quarter results later.

In other markets

In Taiwan, the Taiex jumped 70.91 points, or 0.4%, to 17,764.04

In Singapore, the Straits Times Index deducted 6.12 points, or 0.2%, to 3,232.68

In Korea, the Kospi index dropped 34.79 points, or 1.2%, to 2,962.42

In New Zealand, the NZX 50 fell 65.31 points, or 0.5%, to 12,837.40.

In Australia, the ASX 200 slid 50.5 points, or 0.7%, at 7,369.93.